I agree. There’s a lot more dilution of shares then what shows up on a daily T trade. Adding up T trades doesn’t give you any idea of the total dilution for a given timeframe. It’s probably more than double that. That’s just a guess though.
You’re 100% correct, t-trades only occur when MM’s dont report trades live time (usually to hold the price up and to avoid panic selling). It by no means is a count of daily diluted shares.